New Delhi: Sugar prices dropped 1.07 per cent to Rs 2,321 per quintal in futures trade today as speculators trimmed positions amid ample stocks at the spot market due to higher supplies from mills.
Furthermore, reports of higher output this marketing year kept up pressure.
At the National Commodity and Derivatives Exchange, sugar for delivery in July moved down Rs 25, or 1.07 per cent, to Rs 2,321 per quintal with an open interest of 50,490 lots.
Similarly, the sweetener for delivery in October contracts traded lower by Rs 21, or 0.87 per cent, to Rs 2,405 per quintal in 26,040 lots.
Analysts said offloading of positions by speculators, triggered by persistent supplies in the physical market amid reports of higher output, largely impacted sugar prices.